SCHEDULE
PART IV PERSONS EXEMPT IN RESPECT OF PARTICULAR REGULATED ACTIVITIES
F1Cycle to work
53.
(1)
An employer who provides or makes available to their employees a cycle or cyclist's safety equipment up to the value of £1,000 under a relevant employee benefit scheme is exempt from the general prohibition in respect of any regulated activity of the kind specified by article 60N of the Regulated Activities Order (regulated consumer hire agreements).
(2)
For the purposes of this paragraph—
“cycle” has the meaning given by section 192(1) of the Road Traffic Act 1988 (general interpretation);
“relevant employee benefit scheme” means a scheme operated by an employer which is designed to allow employees to take advantage of section 244 of the Income Tax (Earnings and Pensions) Act 2003 (no liability to income tax in relation to cycles and cyclist's safety equipment) and under which cycles or cyclist's safety equipment are made available in the manner described in any guidance issued by the Secretary of State.